Pune, India -- (SBWire) -- 02/11/2019 --Leaks are usually casual and unwanted. Due to the rising demand of Leak Detection Systems, due to increasing water resources concerns, global market is growing. The market value of global leak detection was $ 802.7 million in 2017 and is expected to reach US $ 1273.7 million by 2023.
By adopting highly effective leak detection technology, which can properly monitor the leaks, there are factors that cause market development, where the dangers of leak can be controlled. Leak detection techniques have some potential benefits: reducing environmental risk and reducing risk of contamination, early detection of leaks, which help to reduce costs. These are some of the factors that help in finding market leakages to promote growth in the future.
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Top Key Players are:
Siemens AG, Honeywell International Inc., Baker Hughes, Inc., Krohne Group, Schneider Electric, Ziebel A.S., Future Fibre Technologies Ltd., Fotech Solutions Ltd., Omnisens S.A., Silixa Ltd. Schlumberger Limited, TGT and amongst others
Demand for clean emissions by government and environmental organizations has made the equipment more investable for oil and gas companies, which are still reliable. There are some challenges with current leak detection technology that hide the efforts of oil and gas companies which are trying to effectively reduce the resize. However, this has led to low quality and demand for technology, which has created high competitiveness in the global Risk Detection Market.
Demand for energy is increasing with the social and economic development in many countries globally. The oil and gas exploration and production are the main activities of the oil and gas industries. The purpose of exploration activity is to analyze the commercially viable stocks of oil and gas. New technologies are providing diverse but uncertain opportunities for production activities in oil and gas in many parts of the world. Therefore, exploration and production activities are expected to grow and develop in the future, thereby contributing to the growth of the leak detection market.
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The Fiber Optic Sensors is projected to be the Dominant Segment during the Forecast Period, 2018-2023
Fiber optic sensor is a type of detector leak, which is used for monitoring the pipeline leakage as well as through the temperature. Monitoring of temperature profile over optical fiber through long distance, which represents a highly efficient method for detecting leakage with pipelines. Its key features such as extended range, long term sustainability, transport system as well as cost-effective for large numbers. Of measurement points, which helps in viewing and analyzing all of its data with a single interface, which favors the market to keep the situation in place throughout the world.
Emerging pipeline projects in Middle-East and Africa is driving the Leak Detection Market Growth
Currently, due to the vast network of the Middle East and Africa area pipeline, oil and gas constitute the maximum market for the pipeline leak detection, which is also increasing due to large number of planned projects for pipeline construction. For example, in Eastern Africa, the Ugandan section of the pipeline plans to set up 230 km of 33kV power cable and 296 km of fiber-optic cable in the near future, as well as several new projects were prepared for installation. is. As a result, this area has been estimated for the best growth rate during the forecast period 2018-2023.
Leak Detection Market is fragmented with the Regional and Global Presence
For example, Baker Hughes, Inc. is engaged in many business activities including drilling, well-intervening, shell oil processing in areas around the world. Due to this, the company's research and development expenditure was $ 15,742 million in 2016.
In addition, Omnissen's Vice President Sales Baj Matichuk presented fiber-optic based power cables and umbilical surveillance for oil and gas cover for various projects executed above 17. -The history of Omnes. The benefits of real time monitoring were discussed, and new innovations were presented.
Leak Detection Market - By Technology
- Fiber Optic Leak Detection
- Distributed Temperature Sensing (DTS)
- Distributed Acoustic Sensing (DAS)
- Vapour Sensing Tubes
- Enhanced Real-Time Transient Model (E-RTTM)
- Acoustic Pressure Waves
Market by Product Type
- Flow Meters
- Fiber Optic Sensors
- Pressure Sensors
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